The Commercial Tenancy Relief Scheme has been reintroduced by the Victorian Government to alleviate the financial hardship faced by tenants and landlords as a result of the COVID-19 pandemic.
The Scheme will be available to businesses with an annual turnover of less than $50 million that have suffered a decline in turnover of at least 30% due to COVID-19.
The Scheme is broadly based on the previous Commercial Tenancy Relief Scheme that was introduced in 2020, with the objective of supporting tenants and landlords to negotiate in good faith to reach an agreement on rent relief in a timely manner.
The Victorian Small Business Commission (VSBC) will provide support to tenants and landlords through a free mediation service to assist parties in reaching a fair and satisfactory agreement.
The Scheme will support small to medium commercial tenants with an annual turnover under $50 million and a demonstrated decline in turnover of at least 30% due to the impact of COVID-19.
Businesses that have been indirectly impacted by the COVID-19 pandemic, for example by lower demand or fewer customers, are also eligible, even if their operations were not closed due to restrictions.
For more information and to read the frequently asked questions, please visit The Victorian Small Business Commission (VSBC) website.